Glenn Rand - Jan 7, 2022 Form 4 Insider Report for Cottonwood Communities, Inc. (N/A)

Signature
/s/ Adam Larson, Attorney-in-fact
Stock symbol
N/A
Transactions as of
Jan 7, 2022
Transactions value $
$0
Form type
4
Date filed
1/11/2022, 02:28 PM
Previous filing
May 17, 2021
Next filing
Sep 29, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction N/A LTIP Units Award +6.2K +24.19% 31.8K Jan 7, 2022 Class I Common Stock, par value $0.01 per share 6.2K Direct F1, F2
transaction N/A LTIP Units Award +22.8K +71.46% 54.6K Jan 7, 2022 Class I Common Stock, par value $0.01 per share 22.8K Direct F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The long-term incentive plan units ("LTIP Units") of Cottonwood Residential O.P., LP, a Delaware limited partnership ("Operating Partnership"), of which Cottonwood Communities, Inc., a Maryland corporation (the "Issuer"), is the sole member of the sole general partner, were granted to the reporting person on January 7, 2022 as equity incentive compensation. The LTIP Units vest annually in equal installments over a four-year period with the first 25% vesting on January 1, 2023, subject to continued service.
F2 Represents LTIP units granted to the reporting person as equity incentive compensation. Over time, the LTIP Units can achieve full parity with common units of limited partnership of the Operating Partnership ("OP Units") for all purposes. If such parity is reached, non-forfeitable LTIP Units may be converted into OP Units and then may be redeemed for cash equal to the then-current market value of one share of the Issuer's Class I common stock or, at the Issuer's election, for shares of the Issuer's Class I common stock on a one-for-one basis. LTIP Units do not have an expiration date.
F3 The LTIP Units were granted to the reporting person by the board of directors of Cottonwood Residential II, Inc. ("CRII") based on a performance unit award made in January 2019, when the Operating Partnership was the operating partnership of CRII. The reporting person earned 100% of the targeted number of performance units over a three-year performance period. The Compensation Committee of the Board determined the number of LTIP Units earned on January 7, 2022. The LTIP Units fully vest on the first anniversary of the last day of the performance period, subject to continued employment with the Issuer and will be fully vested on December 31, 2022.
F4 Represents the number of LTIP Units earned as of January 7, 2022 under the performance unit award made in January 2019.